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Pershing Gold Corp.
Summary
| Project: | Relief Canyon | |
|---|---|---|
| Deposit: | Relief Canyon | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 6/29/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 29-6-2016: Pershing Gold Corp. announces a PEA report for its Relief Canyon deposit at the Relief Canyon project. Amended PEA results incl. pre-tax NPV (5%) of $189M, IRR of 98%, 5.8 year LOM (Self mining option). LAKEWOOD, Colo., June 29, 2016 /PRNewswir | |
| Resources: | (Resource, M+I): 38.468Mt @ 0.68g/t Au for 778000oz Au contained at Relief Canyon | |
| CP/QP: | [Resources]: Paul Tietz (Mine Development Associates) | |
| ABSTRACT: | LAKEWOOD, Colo., June 29, 2016 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ:PGLC) (FWB:7PG1) ("Pershing Gold" or the "Company"), an emerging gold producer, today announces completion of the Preliminary Economic Assessment ("PEA") on its Relief Canyon Mine in Pershing County, Nevada. Mine Development Associates ("MDA") of Reno, NV completed a PEA for the Company's Relief Canyon gold mine with an effective date of June 2, 2016. The PEA uses approximate three-year average prices of $1,250 per ounce ("/oz") of gold ("Au") and $17/oz of silver. The PEA evaluates the economics of two alternative mining scenarios: first, self mining by Pershing Gold with its own manpower and equipment, and second, mining through mine contractors who supply the manpower and equipment to deliver material to the Company's processing facilities. "The PEA highlights the potential opportunity to increase net cash flows and Project NPV by 20% (as shown below) through the use of self mining," stated Alfers. "We will evaluate very carefully those two alternatives as we approach the decision to restart the mine." | |
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